Global Broadcast Hire Supplier To Benefit From CBILs Solution
The banking and finance team at Irwin Mitchell has advised ThinCats, an alternative lender to mid-sized UK businesses on a £3m working capital and refinance package for Presteigne Broadcast Hire (PBH).
Founded in 1991, PBH is a supplier to the TV studio and worldwide live broadcast market, providing a range of technical production solutions, from dry-hire supply, to full turn-key provision of portable production units with engineers. Events they have supplied include everything from the Boat Race to the Football and Rugby World Cups.
The deal to support PBH was provided through the Coronavirus Business Interruption Loan Scheme (CBILs), for which ThinCats is an accredited lender.
The opportunity was brought to ThinCats by David Rolfe, partner at NVM, established private equity and investment firm. Expert valuation services were provided by Tim Chapman of Hickman Shearer, while legal advice to ThinCats was provided by Dan Webster, a Banking & Finance partner at Irwin Mitchell.
Gary Nutley, senior director, business development at ThinCats said: “It has been a pleasure to work with both NVM and Presteigne. We are always delighted to support ambitious management teams, and the level of expertise and knowledge exhibited by Adrian and his team was obvious from the start. We look forward to seeing them fulfil their plans.”
Adrian Young, CEO, at Presteigne Broadcast Hire said: “Gary, Alex and the team at ThinCats demonstrated their ability to understand our business quickly and in a depth that has allowed the provision of a tailored package that exactly meets our needs during this Covid-19 affected period, and ensures that we have exactly the right backing in place to grow as we look forward to a busy 2021.”
Expert Opinion“There are many superb businesses out there in need of the right sort of backing to weather the impact of Covid-19 and have the healthy balance sheet required to take advantage of the new opportunities that 2021 will bring.
“A CBILs facility is a great way to achieve this and we are delighted to have advised ThinCats on this working capital solution for PBH that will give them an invaluable boost.
“There are many UK businesses who will be considering their options at the moment and in the right circumstances, a CBILs solution can be the right way to go both for them and the lender involved. It provides the necessary support to key firms at a critical time for business and the wider economy.” Daniel Webster - Partner